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Revenue in Dubai per available room (RevPar), a key industry measure, fell by 16.1 per cent in April compared with a year earlier, according to preliminary data from London-based STR, a company that tracks supply and demand data for the hotel industry.

In its preliminary data for April, STR indicated that RevPar fell to Dh615.12 during the month. Meanwhile, the average daily rate dropped by 15.4 per cent to Dh771.74, as occupancy decreased by nearly 1 per cent to 79.7 per cent."

"The contractor Arabtec has said that it is “looking at ways to enhance its capital structure" after posting its sixth successive quarterly loss yesterday.

The company said it “is currently engaged in discussions with Aabar, its largest shareholder, in respect of potential options for cooperation and continues to remain in dialogue with its major lending banks" about its capital position.

It announced a Dh46.4 million loss for the first three months of this year – an 83 per cent reduction on the Dh279.8m loss the company declared in the same period a year ago. Revenue increased by 8 per cent year-on-year to Dh1.94 billion. Last month, Arabtec reportedly appointed the US restructuring adviser Alix Partners."

"The head of Abu Dhabi’s Department of Economic Development (DED) said he expected to see improved credit ratings for the emirate as oil prices pick up, after Moody’s Investors Service confirmed on Saturday Abu Dhabi’s ratings at Aa2, assigning a negative outlook.

Ali Majed Al Mansouri, chairman of the Abu Dhabi DED, described the Aa2 rating as excellent.

On the negative outlook assigned, he said, “I think this is a short cycle, and we’re coming out of the bottom of low oil prices. Today, Brent recorded a $48 (Dh176) level, so we’re coming out of the bottleneck."

"Moody's Investors Service cut its debt ratings for Saudi Arabia, Oman and Bahrain on Saturday while assigning negative outlooks to three neighboring states, as low oil prices continue to undermine government finances in the region.

The rating agency downgraded Saudi Arabia's long-term issuer rating by one notch to A1 but gave the kingdom a stable outlook, saying sweeping economic reforms announced by the government last month might stabilize the state budget.

In late April, Deputy Crown Prince Mohammed bin Salman revealed Saudi Arabia's biggest policy shake-up in decades, including tax rises, an efficiency drive and plans to give a bigger role to the private sector."

Moody's lowered its ratings for Saudi Arabia, Oman and Bahrain while assigning negative outlooks to the United Arab Emirates, Oman and Bahrain.

Its rating of Saudi Arabia is still two notches above Standard & Poor's, but the action underlined continued pressure from low oil prices; negative outlooks were assigned to the United Arab Emirates, Kuwait and Qatar.

"Gulf stock markets were mixed in early trade on Sunday with two Dubai construction firms dropping after reporting first-quarter earnings.

Dubai's index fell 0.5 percent as Arabtec sank 2.0 percent after its first-quarter net loss narrowed to 46.4 million dirhams ($12.6 million) from 279.8 million dirhams a year earlier. Analysts polled by Reuters had on average forecast a loss of 123.6 million dirhams.